Anheuser-Busch InBev has agreed Asahis offer to acquire SABMillers European premium brands

Anheuser-Busch InBev has agreed Asahi's offer to acquire SABMiller's European premium brands

Anheuser-Busch InBev has accepted Asahi's offer to acquire SABMiller's European premium brands, as it moves closer to completing its acquisition of SAB.

AB InBev, which put the SABMiller-owned brands up for sale last year after it secured the takeover of the UK-headquartered company, said today that it has agreed to Asahi's EUR2.55bn (US$2.87bn) offer for the Peroni, Grolsch and Meantime "brand families" and associated businesses in Italy, the Netherlands, the UK and internationally. The Japanese group's offer was first announced in February.

The deal is conditional on the closing of AB InBev's acquisition of SAB, while the European Commission must also approve the Asahi transaction. AB InBev said the deal "excludes certain US rights" for the beer brands.

Earlier this month, AB InBev took a major step towards securing South African clearance for its takeover of SAB. Following the extension by South Africa's competition commission of its review of the transaction, AB InBev rreceived agreement from the Government for a package of commitments in the country. The agreement will hasten the commission's review, according to the brewer.